1998 (4) TMI 112

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....---At the instance of the assessee, the following questions are referred by the Tribunal : "1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to the deduction of the sums of Rs. 43,107; Rs. 34,200; Rs. 60,000; Rs. 63,000 and Rs. 3,800 (in all aggregating to Rs. 2,04,107) as deduction in computing the capital gain on the sale of property belonging to the ass....

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.... confirmed in the first appeal. The Tribunal, on a second appeal filed by the assessee, slashed down the disallowance to Rs. 2,22,107. Aggrieved by the same, the assessee sought reference of the questions referred to in the earlier paragraph. The total amount claimed as allowance is Rs. 2,04,107 which consists of Rs. 63,000 which was embezzled by the power of attorney holder who was entrusted with....

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.... of the assessee in selling the property, in the connected R. C. No. 30 of 1990 (Mrs. G. Y. Chenoy v. CIT [1998] 234 ITR 89 (AP)), we have held that the assessee is not entitled to the deduction of the said amount as she lost the amount in the capacity as an owner and not in the course of the transaction and it is also not incidental to the transaction. As regards the expenditure incurred by the a....